Nation to closer to fulfilling her uncles dream. Ibm getting out of facial recognition business saying it could be used for good more than evil. The tech giant warning of dangers of technology. This is big news. Well have a whole lot more on that and more on making money. Charles all right, folks, nasdaq crossing the 10,000 mark for the First Time Ever but today well its clear that the overall rally is a little bit tired. Maybe looking to take a break, consolidate some gains. On that note we are seeing yellow flags of excess, speculation like massive call buying. Also running up shares of bankrupt companies. One was up 1000 . Theyre bankrupt i will say those i think are shortterm yellow flags. Nevertheless lets get the read from Capital Wealth Planning chief jeff saut and alicia levine. Jeff, i got to start with you. Youve been bullish throughout all of this. Youve been completely right. Is there a sense maybe the market has come too far too fast . Well we had a buy signal on march 24th after the buy signal on march 23th. Youre up 6 in six days. 98 of stocks are above 50 day moving average, which is pretty historic overbought condition. So a little bit of a pull back would not surprise. I dont think it will be much. I dont think it will be very deep. I think well make new highs before the snow flies. Charles alicia, let me get your thoughts on that as well. Yesterday i looked up, you had pier one through the roof, right . All the names filed for bankruptcy. These stocks absolutely on fire. The stocks eventually probably will all be worthless. There is at least in pockets of this market some excess. Yes, hi, charles, great to see you. I agree with jeff, i think were headed for a softer patch just to consolidate some of the gains. Some excesses were talking about in the bankrupt companies is really an example of the fear of missing out, fomo. People requiring to get a rick return quickly. I think ultimately we should think of this as an investing for the long term. You go with the companies that have businesses that can be sustained on the other side of this with some cash flow and that can grow. As ultimately you do want to be exposed to the opening of the economy but investing in bankrupt companies is probably not the way to do it. Charles yeah, i mean, you know from the 2020 intraday low at yesterdays close, hertz was up 1200 . Chesapeake up 800 . Peer 1 up 500 . Whiting up 470 . The point a lot of people are getting into this market late and they want to catch up and this is just a game of musical chairs. Someone will left holding the bag. I want to stick with you, alicia. Earnings season. Believe it or not we had an earnings season. Guess what, it did not sink the market. Almost everyone of my guests it would stomach belt market, maybe do worse. Heres the thing first time well not see positive numbers on revenue or earnings until the First Quarter of next year. So alicia, i start with you. How does this inform how we approach the market, how our portfolios should be structured . Charles, to put fresh call at that to work today you really have a sense where you think 2021 earnings are. As you point out the Second Quarter is expected to be down 42 for the quarter. Right. You have to charles assume well be higher. Where do we want to be positioned ourselves looking to First Quarter, Second Quarter, 2021 . So you probably want to go with the cyclical Growth Companies here. First of all they have not recovered why the in the way that those large cap techs have. You want to go with the companies that will experience growth as the country recovers. So that means financials. That means industrials. Charles right. That means some retail. Charles jeff, okay, so macro, we know you talked about a longterm bull market but within the bull market i would suspect from time to time you change up where youre more heavily weighted, looking for earnings to come back next year. Does it make a difference how youre positioning yourself . In a bull market you know, just about all stocks rise. I think the markets are looking past potential softer earnings and softer economic statistics, looking for much stronger rebound in the third and fourth quarter. I maintained i think this will be a vshaped rebound. The Retail Investor is not just cautious. Theyre still scared to death. There is 3 trillion on the sideline, charles, before this is over, that money will find its way into equities. I think stocks will be substantially higher over the next four years. Charles youre not saying just throw a dart, are you because some people are buying pier one today . At Capital Wealth Planning we are fivestarrated we buy large cap, dividend rated stocks increasessed dividend 15 or more over past five years. I think that is where you want to be. Charles jeff, alicia, you two, always appreciate it. You bring it. We always learn from you. Thanks a lot. Well see you again real soon. I want to welcome in now Economic Advisor to President Trump steve moore. Steve, it is obvious. Americans are growing more upbeat. Small businesses growing more upbeat. Data confirms it. In fact new york fed yesterday Shows Consumers are more optimistic. This morning Nfib Small Business optimism rebounding. How could we forget, fridays amazing jobs report. What does this mean where the government goes and further stimulating the economy . I know you dont like it but it probably still happens . Charles, couple things. Number one, you remember what happened a few weeks after trumps election, remember that . Both Consumer Confidence went through the roof and Small Business confidence went through the roof. That presaged this amazing threeyear economy we had from 2017 and 2018 and 2019 only to cap out with the coronavirus. And this is a very positive thing, that Small Business confidence is starting to rise again and Consumer Confidence is, those are two pretty strong leading indicators. Now, you asked the question about whether we need a phase four . I met with some of the republican senators this morning, tried to kind of talk them out of it, i actually think more Government Spending at this point is not just, just not needed but i think it could be counterproductive given the fact were on schedule to borrow 5 trillion at the federal level but it appears there will be a phase four. If i have my druthers i would do it through a payroll tax or something cut, to provide those businesses and those workers with a little incentive to get going but the economy, you know, when things are starting to go well you dont need the government to intervene at that point. Charles you know, again, i obviously i know where youre coming from. Here is the reason i think it might be a good idea. There are still 21 Million People unemployed. U6 is over 21 . Of course. Charles youre right, the Small BusinessConfidence Index went through the roof in november. First half of november versus second half was all about President Trump. He was able to follow through about cutting taxes. He was able to follow through on cutting regulation. There may be impetus to for folks to spend 6 trillion, 33 savings rate for people themselves to get the ball moving. So i would say three things on that. Three things that i would do if i were, President Trump were listening to me. I would talk to him about this, he wants to do some of these things. Number one you have to suspend the payroll tax the end of the year guys right into the main street, wallets of American Workers immediately. Number two, you have to suspend higher unemployment checks higher than people working. Im already talking to emp recon histories in place. Why we appreciate you sharing your thoughts. See you again real soon, my friend. Charles all right the World Health Organization sparking confusion, w. H. O. , contradicting the cdc we have someone who helps us straighten it all out. Dr. Saphier will be here. She will get all of this straight. Funeral for george floyd is underway in houston. At 2 35, niece of Martin Luther king, jr. , alveda king, why we need to remember herem uncles words more than er and put them in practice. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. And its bigger than selling cars. Were here to build for the people who build and shape this country. Who work hard. Who do right by others. Who never give in. Theres always some new challenge trying to take us out. To shake our resolve. And if youre out there fighting through it, we know 260,000 people who have your back. ive always been fascinated by about whats next. And still going for my best. Even though i live with a higher risk of stroke due to afib. Not caused by a heart valve problem. So if theres a better treatment than warfarin, i want that too. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Reeling in a nice one. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Ask your doctor about eliquis. And if your ability to afford. Your medication has changed, we want to help. There drilling the citys mayor after numerous businesses are looted. Many are concerned if any of these businesses will even come back. Brady is live in the windy city with more. Charles, yes that is a big concern. You see these businesses that were looted last week. This is a target and in fact it still closed and unclear whether these businesses, when they will reopen or if they will be open so there was a call last week with the alderman and the mayor at the height of the looting and the alderman and the mayor express their dismay at what happened and concerned people, especially in lower income communities will be able to buy food and prescription drugs with so many of these businesses destroyed. I dont know about you but i havent seen this before, wal, cbs, Grocery Store, everything banished. On that same call the mayor vowed to get those businesses to return even though she admits it will take a herculean effort as she put it. In the meantime the city put out this map, and interactive map where people can go and see which Grocery Stores are closed and which ones are open and serving them at this time. I will tell you, charles, i was in one of these lower income areas last week and it was very difficult to find an open Grocery Store because some of them had been looted and others were afraid so they were closed as well now that the schedul looting has calm down it seems some are getting comfortable with the idea of reopening. They have reopened one today. They still havent made a decision on what theyre going to do at some of their other locations. Thank you very much. Meanwhile mourners are saying their final goodbye to georgetown in his hometown of houston. Today marks the memorial for the man whose death lit a fire under the black lives movement and other movements in this country. Joining me now, Fox News Contributor evita king. I loved our conversation saturday. I got a ton of positive response to it. Thats what i wanted to talk to you, the keyword, responding to all of this, and i want to use parts of your uncles i have a dream speech starting with at one point where he said it would be fatal for the nation to overlook the urgency of the moment, the sweltering summer of discontent will not past until theres invigorating equality. This was august 1963. Whats happened since then and could this be the moment where we actually see that. Charles we are seeing optimism. I know youre watching the celebration, its a funeral but it is still positive. We already know georges brother was encouraging no violence because they are a godfearing family. Now the sister ruby says we are bringing love back. The power of love, the strongest and most beautiful force in the world is back. [inaudible] i think, did i lose her . It is that hope that is there. You cut out a little bit there, one of a course remind the audience that you are on the phone. I do want to read another part of that speech as he talked about this being in urgency at the moment, and again that being over five decades ago, he did go on, your uncle Martin Luther king jr. To say but theres something i must say to my people, then he goes on to say in the process of gaining our rightful place we must not be guilty of wrongful deeds so when we look at chicago and the mayor of chicago admitting she has no clue where to go from here, she has never seen her city like this before, the record amount of violence in the last weekend, this is certainly not the dream your uncle had. She could take a page from the mayor of atlanta who said go home, stop looting, we are not firing up our city. And she should also listen to the voice of those who are not afraid to say, according to the bible we cant be lawless. We have justice and righteousness. Martin luther king loved the scripture. So, we have to have righteousness, justice, law, not corrupt Police Officers that go around and kill people for whatever purpose, thats wrong. We are one race, one red blood with different color skin and different ethnicity and circumstance so where do we go from here . Martin luthe Martin Luther assess fat. We have a community and thats what we are seeing. I think god that hes given us a voice to say these things so americans can hear on live stream, if they cant be there. In fact, in the final part of that speech it says we must ride rise to the Majestic Heights with force and you can certainly tell a soul force erupting in this country and around the world and it gives me hope and im sure it gives you hope as well. I hear hope in your voice, im excited for that, lets speak hope, love, truth to power. We can continue to do that and we can unify and move forward together. We can do this charles, we can. Yes, i agree. Thank you so much. God bless you. We will see you again real soon. Bless you my friend. Byebye. Big news out of Silicon Valley in fact a major turnaround for ibm. The company is ending their facial recognition business. Cheryl has the details. It was a big story. Good afternoon. Ibm ceo wants congress to enact reform to fight racism in this country, work to advance Racial Justice while also getting out of the facial recognition business. That seemingly on the heels of criticism that facial recognition has become a tool for mass surveillance, racial profiling and human rights violation, especially if its used by Government Agencies and Law Enforcement. They wrote we believe now is the time to begin a National Dialogue on whether and how facial Recognition Technology should be employed by domestic Law Enforcement agencies. And instead they want to focus on the Cloud Service business in hopes to catch up with the rivals, microsoft and amazon. Stock is up marginally year to date, analysts have a consensus of a moderate buy on the stock and taking a look at the stock right now, its actually lower by more than 2. 5 , 132 and change. That decision seems in direct response to protest that have gripped the nation over the death of george floyd at the hands of Minneapolis Police officer and accomplices. He expressed concerns that are Artificial Intelligence can help Law Enforcement keep us safe but there is a responsibility to make sure its fully tested for bias and audited. That was included in a sweeping bill included on monday. On behalf of ibm and their employees there expanding training and education because that is the key for community of color to expand their economic opportunity. Big move by ibm and their ceo. Back over to you. It certainly is. Cheryl, thank you very much. A little bit of a pause today, but tomorrow could be explosive as the fed wraps up this meeting. 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Businesses made drastic cuts during the pandemic and others are thriving. Im not just talking about big tech. Despite having to close their taproom, a quick shift to online ordering was able to bring in so much business they actually had to hire more help. And now with virginia moving into phase two and reopening, how much more successful that might bring them. Russ tinsley, first of all think of thank you for your services and before we talk about these amazing moves youve made to make sure nobody was fired during this pandemic, i was fascinated with your story, you read a book about a brewery and you saw an opportunity and you took it. Thats what we strive to do here and here on this show. Yes, sir, that is exactly what happened. I got sick of the everyday grind i was in and i decided to take the plunge and jump out on a leap of faith and started a business that actually ended up really doing well for us. I read where you were determined, in fact he made a promise not to fire your workers, and out of this promise came a new Business Model, give us an example of that. Yes, so when this whole thing first happen for me, it was more just ensuring the safety of our staff was a priority and also that they would keep their jobs and that was something that never ever came to mind for me. It was a promise to them that they would all be secure through this thing and with that promise and that support for myself and my investor team, they literally put together a new Business Model pretty much overnight. We started at curbside pickup, delivery service, we started shipping in the mail to nine different states direct to peoples doorsteps and most recently, the thing that weve gotten into now, which we are set to announce tomorrow night is online beer festival in all the states and d. C. Where we will be testing 18 beers from 17 of the best breweries in the u. S. We are having fun. Can anyone be in that . Is there website you want to share with us for the folks in new jersey who may want to participate. Yes, you know anybody that are in the states we can legally ship to can be part of it. We are calling it fml fast 20 and if you go, were partnering with hot culture. Com, their hot culture magazine a big beer influencer on the internet and so if they go to hot culture. Com fml 2020 they can put their email address in and we will shoot them details as it goes out i will also be releasing. Real quick before i let you go, i want to point out that you use a decommissioned military space to start your business, i love that, but the name goes back to 1905. We have less than a minute but share that story with us. Long story short, it was a made up story that turned into the mascot of the Officers Club in 1905. It turned into a secret society at one point and they were committed to three things and it was drinking, gambling and roasting each other. We couldnt think of a better name that would fit our community and what we were doing here so that is what we want with. Great stuff. Thank you very much. Thank you so much. Two of my favorite market watchers, whats gonna drive the next big move. Where you have to be invested. Get out your pens and pad, well be right back look, this isnt my first rodeo. And let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. 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Charles so the markets sort of searching for direction as we head into the final hour of trading but all eyes on the Federal Reserve and what will they say tomorrow after they conclude their twoday meeting. Joining me right now, chief Market Strategist david nelson. David, listen, i tip my hat to the fed. They did everything, they pumped a gazillion dollars into this thing and Jerome Powell says hes ready to pump more and it will be difficult with the Economic Data coming out. If wall street wants to hear more pumping, what exactly, how does he walk that thin line tomorrow . Wall street always wants more pumping. I think he made it pretty clear he has no intention of stalling that rally. He wants to keep Economic Conditions as loose as he possibly can until the recovery is firmly in place. I think right now, about 85 of respondents predict no move tomorrow. I would say its really closer to 100. You can go all the way out to 2021, and probably over 70 of economists tell you we will stay at zero for awhile. Charles but what about more Creative Things . They are talking about doing some things he will do anything he has to do, charles. Frankly, the federal government will as well. At this point in the cycle, we probably should, because look, right now, we are only just starting to go back to work. As good as the Economic Data has been in the last couple of weeks and the fact we are coming off the bottom and we know that april was economic bottom at this point, we still have a lot of people unemployed, close proximity businesses are going to still struggle as we go back to work. Charles so david, i know that the way you operate, you are typically 100 invested. I was 100 going into the weekend in my newsletter, im in 20 cash now although eager to redeploy. Feels like even now, you can almost argue some of the value names are starting to feel expensive. Where do we go to find these unique opportunities out there . There are always opportunities. I think what we are going to find right now, there is no holy grail. In the last couple of weeks, we rushed from one side of the life dt bo lifeboat to the other side, from growth to value and back again. You will need some balance. You dont have to sell some of your growth names but you will see some of those financials, some of those industrial names. You have to move down the valuation curve as some of these things get too expensive. You will have to pick and choose because not every airline is the same, not every retail is the same. Some retailers will be really challenged, certainly restaurants and others. You have to do your homework, then choose and invest. Charles are you worried at all, is there a yellow flag or any concerns, so many things on the edge as the excess is on the edge, whether its running up bankrupt stocks 1,000 , are we overreacting to ipos . We had a new ipo today, vroom is up over 100 . You know, do you see those as positives or negatives . I think they are yellow flags. Im not as concerned but i know the bears make them out to be doomsday, end of the world stuff because here come the dumb individual investors. Its a little bit of both. When i see Retail Investors buying bankrupt companies, that kind of concerns me. I think goldman and b of a, the underwriters for vroom, probably did a disservice to the company. They left a lot on the table that could have helped them expand. Three big risks are the election, i dont care which side of the political aisle you live on, it will be a very divisive, we will see a lot of sector movement, china, our relationship is forever changed, and finally the virus. The virus could come back, we are already seeing 12 states out there that are showing a rise in the infection rate. Thats to be expected as america goes back to work. Charles with all those three risks, i wouldnt call them necessarily swords of damocles but approaching that status, do you still, in your mind, you must be invested in this market . I still believe, im looking to redeploy that 20 . Im not going to sit on it for long because i think the rally can continue but again, the catalyst, could it again maybe Jerome Powell having to refresh the Federal Reserve standpoint tomorrow or any other catalyst . Its going to slow down from here and its going to be theres going to be fits and starts. With april being the economic bottom, i think we can say safely now that the market cycle low was march 23rd. Its easy to sayy that now even if we retrace 10 from here, we are not going to go anywhere near there. Investors will look through this year, looking to next year. We are expensive for sure but the message from the market is the numbers for 2021 right now are too low. Charles by the way, somebody did say we didnt have to retest the march 23rd low. Im just saying. I got to think about that, charles. Who said that . Charles you can ponder it. Always great talking to you. Again, i think youre right about this. Folks who are in this market or feel like they missed it, i dont think you have. You missed a big chunk but this is a longterm thing. Always appreciate your expertise here. Folks, no c. P. Effect today. The dow is off about 200 points. The s p about the same. Liz, i think you could have an exciting last hour of trading. I really do. Liz its that magical mark thats within striking distance for the nasdaq. How cool. Charles i think so. Liz you know, we are closer and closer to nasdaq 10,000. Look, the tech heavy index already swiped it, then retreated just a bit but nasdaq is set to notch two straight winning days and closes at alltime highs. The dow and s p 500 still lagging as investors take some profits on many of the travel stocks and the Airline Stocks that have run up in recent days. Dow is down 215, but the nasdaq is up 52 at 9976. Stay with me. You got t s